By Susan Briggs
Families who are selected for the Loveland Habitat for Humanity program enter into a unique partnership. They purchase their home from our organization through a no-interest loan and with no profit to the Loveland Habitat for Humanity affiliate. We loan the family the money to buy the home for up to 30 years at zero interest and require a down payment of only $1,500. The mortgage payments are established at 28% of the family’s monthly income, and in addition to the principal, include escrows for insurance, taxes and HOA dues.
Our homeowners must have lived or worked in Loveland for at least a year and must be U.S. citizens or legal permanent residents. They must earn between 30% and 60% of the area median income and must not be able to qualify for conventional home financing. They must demonstrate that they currently pay their bills on time, have no open collections, liens or judgements and cannot have had a bankruptcy in the past two years, or foreclosure in the past 3 years.
In addition, our partner families provide “sweat equity,” working a minimum of 250 hours for single parent families, and 500 hours for two parent families, on Habitat for Humanity homes (including their own), participating in homeowner education classes and volunteering at our ReStore.
As our organization has matured, we have recognized that although stable housing provides the basis for stable families, other tools are required to empower a family on it’s journey toward self sufficiency. In recognition of this need, the Family Support Committee has developed the Homeowner Education program.
The education class program includes the following:
- Financial Peace University
- So, you want to be a homeowner?
- Energy Smart Living
- Home Maintenance
- Parenting with Love and Logic
- Good neighbor
- Insurance Basics
- Wills Workshop
We would like to thank the following community partners for their time and efforts in providing these classes:
- CSU Extension
- Denise Bretting
- Cheryl O’Shell
- House of Neighborly Services